The real estate market in Horry County, SC, continues to be vibrant, with many residents making the exciting decision to buy or sell a home. While this process can be both thrilling and rewarding, it also involves significant legal considerations. At The Floyd Law Firm PC, our experienced real estate attorneys are dedicated to providing comprehensive guidance to help ensure a smooth and successful transaction for you.
The Importance of Legal Representation in Real Estate
Buying or selling a home is likely one of the largest financial transactions you’ll experience. Navigating complex real estate contracts, title examinations, and potential closing issues requires expertise.
Our team at The Floyd Law Firm PC can:
- Draft and Review Purchase and Sale Agreements: Ensuring your rights and obligations are clearly outlined in the contract is crucial.
- Perform Comprehensive Title Searches: Identifying and addressing any potential title defects can prevent future complications.
- Negotiate on Your Behalf: Our skilled attorneys can advocate for your best interests during negotiations.
- Facilitate a Smooth Closing Process: We’ll handle all closing documents and ensure a seamless transfer of ownership.
Understanding Recent Property Tax Changes in Horry County
The quadrennial reassessment is a comprehensive review and evaluation of property values that occurs every four years, and is implemented in the 5th year. The last one took place in 2019 and has been the basis for county residents’ property valuation since then.
Horry County recently announced a property tax reassessment scheduled for 2024, and due to the reassessment, property values may increase. This reassessment process every five years, evaluates the market value of all properties within the county. Residents can learn more via the county’s online guide, Understanding the 2024 Quadrennial Reassessment.
The reassessment process itself involves certified appraisers conducting physical inspections, collecting data, and analyzing recent sales and market trends to ensure fair and accurate property valuations. To prevent a significant tax burden on residents, the county has implemented a millage rollback. This means the tax rate (millage) will be reduced, offsetting some of the potential increase in taxes based on the reassessment.
Key Points on Horry County’s Millage Rollback:
- The 2024 millage rollback is 52.1 mills, a reduction of 4.1 mills. The millage rollback is a mandatory requirement under South Carolina law, designed to protect property owners from excessive tax increases.
- This rollback applies to all properties within Horry County, excluding school districts, municipalities, and special purpose districts.
- Residents can utilize the county’s tax estimator tool to estimate their potential property tax bill after the reassessment and rollback are applied.
- The millage rollback combined with the 15% cap on taxable value increase provides a safety net for property owners.
- While the county sends the overall property tax bill, it’s important to remember that your total tax burden may also include additional millages for school districts, special tax districts, and municipalities.
The Floyd Law Firm PC: Your Partner in Real Estate Law
Whether you’re buying, selling, or simply have questions about your legal rights regarding your residential or commercial property in South Carolina, our experienced real estate attorneys are here to help. We can provide clear and concise guidance on all aspects of the real estate process. Contact us today to schedule a consultation.
Learn More:
Residential Real Estate Legal Services: from handshake to closing
The Floyd Law Firm will help get you ready for your Real Estate Closing
Successful Real Estate Closings: The Agreement to Buy and Sell Real Estate
